11 March 2024 , 15:25
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India has inked a trade deal with four European countries, promising a $100 billion investment over the next 15 years.
The agreement was signed with Iceland, Liechtenstein, Norway and Switzerland on Sunday and is expected to create 1 million direct jobs in India. As part of the deal, India will lower import tariffs on industrial goods from these four nations, which are part of the European Free Trade Association (EFTA).
The EFTA said in a statement: "The landmark agreement between India and EFTA is set to bring significant economic benefits, such as better integrated and more resilient supply chains, new opportunities for businesses and individuals on both sides leading to increased trade and investment flows, job creation, and economic growth,".
Piyush Goyal, India's Commerce and Industry Minister, said this is the first time India has signed a deal with a major economic group in Europe. He added that India is also working on trade agreements with Britain and the European Union.
The deal covers trade in goods and services, investment promotion and cooperation, intellectual property, government procurement, trade and sustainable development, and dispute settlement. Goyal said in a statement that it will give Indian exporters a chance to access European and global markets.
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The deal was made official in New Delhi by Goyal and by Guy Parmelin from Switzerland, Bjarni Benediktsson from Iceland, Dominique Hasler from Liechtenstein, and Jan Christian Vestre from Norway.
Parmelin, talking for the EFTA countries, said: "EFTA countries gain market access to a major growth market. Our companies strive to diversify their supply chains while rendering them more resilient. India, in return, will attract more foreign investment from EFTA, which will ultimately translate into an increase in good jobs."